Euler Motors plans to use the newly acquired funds to expand its nationwide footprint and servicing infrastructure, aiming to establish operations in over 40 cities by the fiscal year 2025.
Euler Motors, a manufacturer of electric commercial vehicles, has successfully closed its Series C funding round, securing an additional Rs 200 crore, which brings the total amount raised in this round to Rs 570 crore. Participants in this funding round included longstanding internal investors such as British International Investment, the UK’s development finance institution and impact investor, Blume Ventures, along with a new investor, Piramal Alternatives India Access Fund.
In the fiscal year 2024, Euler Motors achieved a significant milestone by selling 3,700 vehicles and expanded its operational footprint from 5 to 22 cities, thereby strengthening its market position, as noted in a press release. The company intends to use the newly acquired funds to enhance its pan-India presence and servicing infrastructure, with plans to establish operations in over 40 cities by the fiscal year 2025. Additionally, the investment will support product development and the enhancement of technological and R&D capabilities.
Saurav Kumar, Founder and CEO of Euler Motors, expressed that the new capital infusion, combined with ongoing investor confidence, positions the company to aim for a double-digit market share. He highlighted that this development strengthens their capacity to expedite growth and spearhead the shift to commercial electric vehicles in India.
Kalpesh Kikani, CEO of Piramal Alternatives, shared his optimism for the electric vehicle sector, especially in the area of last-mile mobility within the commercial and logistics industries. He noted that this enthusiasm is reinforced by Euler Motor’s strong technology and research and development capabilities.
This round also marks the first direct co-investment by the newly launched Piramal Alternatives India Access Fund (Fund of Funds), which provides investors with access to a diversified portfolio of top-tier funds and specially curated co-investments in the high-growth sectors of Indian private equity and late-stage venture capital.
To this point, Euler Motors has accumulated a total of Rs 770 crore in funding.
